Easyjet posts a £54.7 million profit, falling by approximately half compared to the year before.

Budget airline Easyjet has released its full year results, showing a 50% fall in profits due to the rising price of oil hitting fuel costs.

Despite a 13% rise in sales from £2.36 billion a year ago to £2.67bn in the year ending 30 September 2009, pre-tax profits were half what they were last year at £54.7 million.

Total revenue per seat is up 10.9% and passenger numbers have also increased by 3.4% over the year.

Easyjet’s profits have been impacted by increased operating cost per seat growing by 3.9% as well as significant rises in the price of oil pushing up fuel costs.

In its statement released today (17 November), Easyjet also stated that progress has been made achieving various cost reduction schemes including retiring 19 expensive aircraft from its fleet and renegotiating its maintenance contract with SRT.

Andy Harrison, Easyjet Chief Executive, said: “This is an extremely resilient performance making Easyjet the best performing European airline based on our robust yields.

“We are one of the very few European airlines to make a profit during the last 12 recessionary months.”

Mr Harrison also commented that despite Easyjet’s current resilience, the airline is expecting a struggle in the upcoming winter months.

“We see a tough winter ahead. We are focussing our efforts on further cost savings and efficiency improvements together with optimising route profitability and aircraft allocation.”

However, with a further implementation of cost reduction plans and positive forward bookings, the firm expects to make a profit improvement in 2010.